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S 2078 105th Congress Senate

Farm and Ranch Risk Management Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide for Farm and Ranch Risk Management Accounts, and for other purposes.

Introduced: June 24, 1998 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
Taxation Agricultural productionAgriculture and FoodBusiness income taxCommerce
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Excise taxFarm incomeFinance and Financial SectorFinancial statementsGovernment Operations and PoliticsGovernment paperworkIncome taxLawTax deductionsTax deferralTax exclusionTax penaltiesTax returnsTrusts and trustees
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 13, 1998
Read twice and referred to the Committee on Finance.
May 13, 1998
Sponsor introductory remarks on measure. (CR S4833-4834)
May 13, 1998
Introduced in Senate
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 Latest action May 13, 1998

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow individuals engaged in eligible farming businesses to deduct from gross income for any taxable year the amount (limited to 20 percent of the individual's taxable income for the year) paid into an interest-bearing Farm and Ranch Risk Management (FARRM) Account, created for the taxpayer's exclusive benefit. Requires withdrawal of contributions within five years, upon which they are taxable as ordinary income in the year of withdrawal. Deems a distribution, subject to income tax, of any deposits not actually distributed within five years, and prescribes an additional penalty tax of ten percent of any such deemed distribution.

 Related & companion bills 1
  • HR 3659 Identical bill Farm and Ranch Risk Management Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
R
McConnell, Mitch
Kentucky · Jul 15, 1998
 D
Murray, Patty
Washington · Jun 24, 1998
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2078: Farm and Ranch Risk Management Act. 105th Congress. Open America. https://openamerica.io/bill/105-S-2078/
MLA
"S. 2078: Farm and Ranch Risk Management Act." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-S-2078/.
Bluebook (legal)
S. 2078, 105th Cong. (2026), https://openamerica.io/bill/105-S-2078/.
Markdown link
[S. 2078: Farm and Ranch Risk Management Act](https://openamerica.io/bill/105-S-2078/)
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